Jefferies wins wrestling match with UBS

UBS (NYSE:UBS) and Jefferies & Co. (NYSE:JEF) "amicably" resolved their litigation over the healthcare banker Benjamin Lorello, Bloomberg reports.

Lorello took top lieutenant Sage Kelly and 34 other UBS bankers to Jefferies last month, gutting UBS' practice in the area. The Swiss bank sued, but it could do little more than seek to force Lorello and his underlings to take their gardening leave.

UBS dropped the suit it filed against Lorello and Jefferies in New York State Supreme Court as well as a claim with the Financial Industry Regulatory Authority Dispute Resolution panel. - David Marcus

See story from Bloomberg
See earlier story UBS goes to the mat from The Deal magazine

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